Even though the government is planning to make India a cashless economy, we Indians still love spending in cash. There are many places where only cash is accepted. You can't pay through card when you have breakfast in a small canteen. So, it becomes necessary for you to withdraw cash from ATMs. Sometimes when you try to withdraw cash from the ATM using your debit card, you receive a popup message on the screen saying your transaction is declined. But, immediately you get a message that your account is debited.
This happens if the ATM is faulty or there is no cash in the ATM. In some cases, this might be because of some fraudulent activity. Nowadays, fraudsters fix card skimmers on the ATM which looks exactly like an original card reader. So, you must be very careful while withdrawing money from an ATM.
Do not panic if your account is debited after your transaction has been declined. If it is because of the faulty ATM, the bank will recognize the error and credit your account. If you have not received any SMS regarding the amount credited to your bank account, follow the below steps to get your money back. Before you go ahead, you must have a transaction slip as you are required to provide the transaction reference number.
As soon as your transaction is declined, you must call the customer care of the bank. You can find the customer care number on the back of your debit card. You must inform the customer care executive regarding the issue by providing the necessary details. Once you provide the necessary details, the executive will raise a ticket and investigate the matter. After the investigation, if they get to know it was an error from the bank’s side, the amount will be credited to your account within 7 working days.
If the issue is not yet resolved even after calling customer care or you are not able to contact your bank through phone-banking, you can raise the issue by visiting the nearest bank branch. The concerned person in the bank will take down your complaint and resolve the issue.
If the issue is not resolved even after calling customer care and visiting the nearest bank branch, you must take this to the next level. Inform the branch manager of the bank where you have an account. Banks will also have a grievance cell to resolve customer’s issues. You can lodge the complaint on the bank's website and grievance cell will take care of the matter.
If you are not happy with the bank's response or the issue is not resolved within a month, you can contact the banking ombudsman. The banking Ombudsman helps you to get your money back. Before approaching the banking ombudsman, you must have proof that you have already approached the bank regarding the issue.